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Remitly’s Matt Oppenheimer and Josh Hug are looking to transform the way people transfer money overseas.

Beamit Mobile, the TechStars Seattle grad that’s developing technologies to allow customers to easily transfer money from the U.S. to the Philippines, has changed its name to Remitly. CEO Matt Oppenheimer said that they’ve been testing the new name since April, and it has resonated with customers.

“Remitly is a play on the word “remit,” which is more commonly used by our customer base,” explains Oppenheimer. The company’s service is now available in eight states, with plans to add state regulatory approvals in the coming months. It offers a flat rate of $2.99 on all money transfers up to $500, with more than 5,000 cash-out locations in the Philippines.

In April, Remitly raised $2.4 million from former Google CEO Eric Schmidt’s TomorrowVentures, Founder’s Co-op and Bezos Expeditions, the venture capital firm of Jeff Bezos. It also last year named former Shelfari CEO Josh Hug, who most recently worked at and served as a mentor to the startup, to the positon of chief product officer.

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